Cayre proposes to spend $50 million to develop the site, whichwould be focused on a 3.2-mile asphalt track for both professionaland amateur auto races. The complex would include otherentertainment uses, a health spa, fitness center and business spaceto turn it into a year-round operation, Cayre told CumberlandCounty freeholders (commissioners) at the unveiling.

"This will significantly help the local economy," Cayre told thecounty freeholders, noting that it would bring revenues into theregion and create nearly 200 jobs. "South Jersey is due."

The proposed project has a number of interesting angles,including the fact that it would be located in a federallydesignated empowerment zone, which would make the developereligible for low-interest bonds. And if the state legislature evergets around to passing the Sports and Entertainment Districtlegislation that was on the table for most of last fall (the newarena for Newark was the key issue), N.J. Motorsports would likelybe eligible to use sales tax revenues as a financing mechanism.